Huobi announces upgrade of HUSD service

Posted 25 January, 2019

On January 24, Huobi cryptocurrency exchange announced the launch of the second version of the stablecoin trading – HUSD striving to cope with the growing stablecoin demand from users. 

As the company stated in the notice, the platform will suspend certain activities connected with the stablecoins for the solution upgrade to V 2.0. The updated version of the instrument is "on trial basis" beginning from the January 24.

"The platform will temporarily suspend the deposit withdrawal of the stablecoins", the company official notice reads.

With the upgrade, the company will eliminate the fixed 1:1 exchange rate as well as automation of the process. As a result, the users will become able to exchange stablecoins at the price "bound to the USD price in the fiat-crypto markets of mainstream exchanges". Users can determine the exchange time and volume by themselves.

The company makes an example of an exchange process to HUSD:

"A user wants to exchange 1,000 PAX to HUSD, assuming the current rate of PAX/HUSD is 0.9998, 1,000 PAX will be exchanged to 999.8 HUSD."

Notably, the opposite process works the same.

The trials of HUSD V2.0 will reportedly run till February 25. The company expects the suggestions and feedback to improve the performance of the instrument. 

"Huobi has always been adhering to the concept of "Users first" and promoting the development of blockchain industry," the release concludes.

The list of supported assets includes PAX, TUSD, USDC, and GUSD stablecoins, while HUSD itself cannot be withdrawn from the platform.

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